Man Group is committed to reducing its absolute carbon footprint and to being consistent and transparent about the progress we are making. As a key part of our Corporate Sustainability strategy, you can read more about how we manage our environmental impact in our Corporate Sustainability Brochure.
We continue to implement changes to our operations to ensure we are on track to meet our emissions reduction target set for 2023 and are on the strategic pathway to net zero carbon in our global workplaces by 2030.
Environmental Policy
Our Environmental Sustainability Policy Statement focuses on: using natural resources responsibly; minimising the environmental impact of our activities through maximising energy efficiency; reducing greenhouse gas emissions and; recycling and / or minimising waste. We also commit to at least annual reporting of our environmental targets, data and any issues we encounter. Our UK offices (which account for 71% of our operations based on headcount) are covered by environmental operating procedures which are aligned to ISO 14001.
Board Oversight of Environmental Matters
Our Man Group Board has responsibility for Man Group's environmental impact and ensures that Man’s Environmental Sustainability Policy Statement is implemented and reviewed. The Board has a collective role in providing environmental leadership throughout Man's global operations and is committed to continual improvement in environmental performance.
Environmental Risk Management
Man Group considers operational climate risks 15+ years into the future. It does this through multi-disciplinary company-wide risk identification, assessment and management processes. The types of risks considered include current and emerging regulation, technological changes and upgrades, market risks, reputational risks, acute and chronic physical operational impacts as well as upstream and downstream risks.
Green Buildings
Minimising our environmental impact is at the centre of our real estate strategy. We occupy four buildings certified by LEED (Leadership in Energy Efficiency and Design), one by BREEAM (Building Research Establishment Environmental Assessment Method), and one by NABERS (National Australian Built Environment Rating System). Across our offices, we use renewable energy and implement zero waste to landfill policies wherever possible.
Environmental Impact - Case Studies
Riverbank House is rated “Excellent” via the Building Research Establishment Environmental Assessment Method (BREEAM). The building has a green roof, rainwater harvesting and solar power generation.
Our Pfäffikon office is a short walk from Lake Zurich and is powered by renewable hydro-electric energy. The office has recently put in place smart, motion-sensored LED lamps, as well as more efficient batteries for our back-up power. This has driven savings of ~19,000 KwH each quarter.
Environmental Performance Audits
In 2020, Man Group’s largest office, Riverbank House, was comprehensively audited for energy and air-conditioning efficiency. The recommendations from these audits have informed our investments into new, energy efficient equipment and infrastructure, such as LED lighting and chiller upgrades.
Task Force on Climate-related Financial Disclosures (TCFD)
Man Group is a supporter and signatory of the TCFD, and is committed to taking action against climate change. The Board oversees the development of our climate-related financial disclosures which cover governance, strategy, risk management, and metrics and targets, as described in our Annual Report.
Institutional Investors Group on Climate Change (IIGCC)
Man Group is a signatory to the Institutional Investors Group on Climate Change, the European membership body for investor collaboration on climate change.
UN Global Compact
We are also proud, active signatories of the UN Global Compact, supporting the Ten Principles on human rights, labour, environment and anti-corruption.
Environmental Training and Awareness
Environmental Training
All Man Group staff complete a mandatory annual training module which outlines Man’s environmental policy and objectives. The course describes ways in which staff can contribute to minimising Man’s environmental footprint such as reducing waste through re-using and recycling, developing and maintaining systems to monitor and measure our use of resources, engaging with staff and suppliers on environmental best practice and ensuring anything we purchase comes from sustainable and reputable sources.
Environmental Awareness
Environmental awareness campaigns are run in offices focussing on areas such as increasing recycling, reducing energy use, cycling to work and removing single use plastics. Such campaigns include ‘Disposable Free Zones’ in the Riverbank House Restaurant, promotion of the UK Cycle to work scheme and applying energy intensity metrics to rank the best and worst performing Man offices to promote energy saving efforts. Global environmental performance information is also published on the company intranet.
Environmental Impact - Performance
The information below details our mandatory reporting of greenhouse gas emissions for the year.*
In 2022, our total market-based emissions increased by 191% from 2021 owing to a significant increase in business travels and an unplanned consumption of gas. Despite the increase, our 2022 total market-based emissions remain 18% below our baseline emissions in 2019.
*Pursuant to the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
Scope 1 (Fuel)
Since 2019, our scope 1 emissions have decreased by 27%. This achievement has been enabled through heating efficiencies and reduced occupancy at Riverbank House in London.
Scope 2 & Scope 3 (Upstream) Leased Assets Location Based (Purchased Electricity)
We have seen a decrease in our Scope 2 & Scope 3 upstream leased assets emissions, saving 2,256 MTCO2e of carbon from 2019. This is largely due to energy efficiency improvements across our offices globally, and the second phase of works in the UK to streamline our data centre provision.
Scope 2 & Scope 3 (Upstream) Leased Assets Location Based (Purchased Electricity)
In 2022, our Scope 2 & 3 upstream leased assets market-based emissions were reduced by 3.7%, saving 17 MTCO2e of carbon since 2019.
Scope 3 Business Travel
Following the lifting of travel restrictions after the Covid-19 pandemic, our Scope 3 business travel emissions have increased from 456 MTCO2e in 2021 to 3,071 MTCO2e in 2022. However, we continue to remain below the pre-pandemic level of Scope 3 business travel emissions.
Water
In 2022, total water usage was 26,807m3. We remain 1.52% below our water usage in 2019.
Waste
Man Group takes a zero waste to landfill approach in jurisdictions where these services are available. In 2022, 69% of our operations (based on headcount) were zero waste to landfill. Man is working to improve its global tracking of waste streams to enable comprehensive reporting across all offices.
Environmental Impact - Intensity Metric
The emissions we are reporting have been calculated using an intensity metric which will enable us to monitor emissions independent of activity. As Man Group is a people-related business, we expect that any changes to headcount will impact the property space we occupy and the amount of business travel we use. Therefore, emissions per employee are the most appropriate metric for our business, as shown in the table below.*
*The average number of employees in 2022 was 1,558 (2021: 1,426), as disclosed in Note 4 to the financial statements.
Environmental Impact - Objectives and Targets
We strive to make our contribution to the Paris Agreement ambition to keep temperature rise well below 2°C pre-industrial levels. In 2023, we reviewed our company-wide targets such that they are in line with the Science Based Targets initiative (SBTi) to limit the global temperature increase to a maximum of 1.5°C above pre-industrial levels. We have been successful in achieving our Scope 1, Scope 2, and Scope 3 (upstream) market and location-based targets. Following these results, we continue our focus to transition more of our global offices to renewable energy and have established further checks and controls for our heating, cooling, and ventilation systems across our buildings. We have also implemented a range of optimisation initiatives and workstreams at Riverbank House, our headquarters in London.
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